Business Sweep

You can manage your cash balances more easily with a Severn Cash Sweep Account and benefit from:

Competitive yields
Seamless cash management
FDIC insurance of up to $250,000 for each depositor

With a Severn Cash Sweep Account, cash in excess of your target balance is automatically invested in a money market account, ensuring competitive rates on all of your excess cash balances.

And, if your end-of-day checking account balance falls below your target balance, funds will be automatically swept back to your checking account by Reserve Management Corporation.

Because the sweeps to and from your checking account are automatic, there is no need for you to worry about managing your daily balances. There are no last-minute phone calls, no wire transfers, no transaction fees and no penalty fees. You concentrate on your business and we’ll concentrate on your cash management.

Step 1:
Contact your banker to set up a Severn Cash Sweep Account or to convert an existing conventional checking account.

Step 2:
Plan to meet your objectives. Your Severn banker will work with you to confirm the ideal target balance that you need to manage your daily business, and any excess cash will be automatically swept daily into the insured sweep account.

Step 3:
Deposit cash and start earning interest on your excess balances automatically!

Step 4:
Enjoy the convenience of earning more interest on your cash. In most cases, the automatic sweep begins the same day you make your initial deposit.

The Reserve, with over $80 billion in assets under management, provides cash management services and solutions to hundreds of institutions, representing millions of customers. Reserve Management Corporation acts as your agent in maintaining the Severn Cash Sweep Account.